§ 261.001. DEFINITION. In this chapter, "exchange"
means the Texas Insurance Exchange.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
§ 261.002. MAINTENANCE TAX IMPOSED. A maintenance tax
is imposed on the gross premiums paid through the exchange and
subject to taxation under Section 261.004.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
§ 261.003. MAXIMUM RATE; ANNUAL ADJUSTMENT. (a) The
rate of assessment set by the commissioner may not exceed one
percent of the gross premiums subject to taxation under Section
261.004.
(b) The commissioner shall annually adjust the rate of
assessment of the maintenance tax so that the tax imposed that year,
together with any unexpended funds produced by the tax, produces
the amount the commissioner determines is necessary to pay the
expenses during the succeeding year of regulating all classes of
insurance specified under Article 1.14-3.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
§ 261.004. PREMIUMS SUBJECT TO TAXATION. The exchange
shall pay maintenance taxes under this chapter on the correctly
reported gross premiums paid through the exchange on all classes of
insurance specified under Article 1.14-3.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
§ 261.005. MAINTENANCE TAX DUE DATES. The exchange
shall pay the maintenance tax annually, semiannually, or on another
periodic basis, as determined by the comptroller.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.